"India emerging as major pole over global economy, our priorities join very well': Singaporean President Tharman

Bhubaneswar (Odisha) [India], January 18 : Highlighting India's emergence as a key player in the global economy, Singapore President Tharman Shanmugaratnam said that India aspires to be a significant player in a multipolar world and this is also reflected in the evolving ties of the two nations.
While addressing the media during his visit to Odisha on Saturday, Tharman emphasised that India is poised to move up the ladder of skills and value, and has significant potential as an export economy, driven by demographics, ongoing development, and growing potential as an export economy.
"Singapore and India are now on a new plane of cooperation. It reflects India's aspirations. It also reflects the fact that we are now in a world where we have to work harder at collaboration with each other...India aspires to be a pole in its own right in a multipolar world. That's true geopolitically, but it's also true economically," President Tharman told reporters on Saturday.
He added, "India is emerging as a major pole over the global economy. If you look at the next 10 to 20 years, India, because of its demographics, because of the stage it is at in its own development process, and the fact that it's poised now to move up the ladder of skills and value, and because it has significant potential as an export economy."
President Tharman is on a four-day state visit to India from January 14-18. He arrived in Odisha along with his wife on Friday.
The Singaporean President further emphasised the alignment between India's and Singapore's priorities, pointing out that both countries are collaborating under the India-Singapore Ministerial Roundtable (ISMR) to develop the semiconductor ecosystem in India.
He added that Singapore is exploring ways to contribute to this sector, including the development of new-generation industrial parks, with Sembcorp, a Singaporean state-owned energy and urban development company, exploring possible sites for a new industrial park in India.
"India is a nation that we would like to collaborate with. India's priorities and Singapore's priorities also join very well. If you look at the priorities that have been established under the ISMR, the India-Singapore Ministerial Roundtable, we are now working together; the two governments are working together to develop the semiconductor ecosystem in India...Singapore is seeing how it can contribute to that ecosystem. We're also looking at new-generation industrial parks. Sembcorp, in particular, is very actively exploring possible sites for a new industrial park that will have Singaporean characteristics," he said.
President Tharman also spoke about green energy development, noting India's significant potential in solar and wind energy, positioning the country to be a major producer of green ammonia. Singapore is interested in collaborating with India on this development and establishing a green energy corridor leading to Southeast Asia over time, he stated.
He also referred to the growing cooperation between the two countries in the IT sector, specifically in areas like digital technology and finance, and mentioned the discussions around expanding data flows between financial institutions in both countries, ensuring secure and trusted exchanges.
"India is fortunate to have both solar and wind energy and is going to be a significant producer of green ammonia. Singapore is keen to engage with India in this development and hopefully, over time, develop a green corridor leading to Southeast Asia. That may take some time, but it's a very important aspiration," he said.
"Prime Minister Modi raised IT in Singapore last September when he was visiting India. And it's an area where Singapore has particular strengths...The digital space, including fintech and everything to do with finance, is another area in which we are working closely together to see what we can do to expand the flow of data, the trusted and safe flow of data, between financial institutions in India and Singapore," the President added.
The Singapore President further noted that the two countries are working on projects that strengthen mutual trust, which is increasingly rare in today's global environment.
"Prime Minister Modi raised IT in Singapore last September when he was visiting India. And it's an area where Singapore has particular strengths...The digital space, including fintech and everything to do with finance, is another area in which we are working closely together to see what we can do to expand the flow of data, the trusted and safe flow of data, between financial institutions in India and Singapore," he further said.